ELECTRIC VEHICLE DELIVERIES COMMENCING IN DECEMBER 2023

Carly Holdings Limited (ASX:CL8) (Carly or the Company) is pleased to advise that following the unlocking of access to $6 million from Facility B of the $10 million asset finance facility in early December 2023, Carly has placed orders for 78 vehicles valued at over $2.8 million, the majority of which will be electric vehicles (EVs). The first deliveries are expected this month.

These vehicles will contribute towards continuing the substantial growth being experienced by Carly, which saw over 100% subscription revenue growth in the September 2023 Quarter compared to the September 2022 Quarter.

As EVs move from the early adopter phase to early majority, for the first time Carly will purchase electric vehicles to assist individuals and business fleets transition to EVs by providing EVs to trial for 30 days or more. The ability to trial EVs provides real-world feedback on the benefits and potential/perceived challenges of adopting EVs on a large scale and removes many of the current anxieties associated with the revolutionary new technology.

Carly will begin to offer the Carsales 2023 Car of the Year Winner and 5 Star ANCAP rated MG4 EVs in New South Wales, Victoria and Queensland, providing access to EVs suitable for mainstream adoption. These vehicles join the Hyundai Ioniq 5 and 2023 World Car of the Year Ioniq 6 provided by Hyundai Australia on an asset-light basis, which are already extremely popular with Carly’s individual and corporate subscribers.

Additionally, Carly has ordered medium and large internal combustion engine (ICE) SUVs to cater for the increasing demand from corporate and government clients including Mazda CX5 & CX8, Hyundai Tucson, Nissan X-Trail and Mitsubishi Outlander.

Chris Noone, Carly CEO commented “We have been patiently waiting for the optimum market conditions, price points and technology maturity before committing to scaling our own fleet of EVs. We believe now that the time is right. We can now build our EV fleet, informed by our own experience and some of the challenges experienced by other players who may have been too early to market. We continue to be focused on profitable growth.

Carly will apply to receive the NSW Government $3,000 EV rebate for eligible vehicles.

Carly plans to deploy the remaining approximately $3 million from Facility B early in 2024 with orders for EV and ICE vehicles according to market demand.

This announcement was authorised to be given to ASX by the Board of Directors of Carly  Holdings Limited.